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American Express and Santander use Ripple for faster payment between US-UK

18 Nov, 2018
by Fifi Arisandi
News
American Express and Santander use Ripple for faster payment between US-UK

Ripple announced a new collaboration with American Express and Santander that makes cross-border payment between the US and the UK faster and way easier, according to a report by Ethereum World News

New important update coming from Ripple. The company behind XRP just announced a partnership with American Express and Santander in order to provide speedy cross-border payments between US and UK.

Both companies have actually been the users of Ripple’s xCurrent. Santander has been using the technology to power their One Pay FX payment platform that enables retail customers in Spain, UK, Brazil and Poland to make instant cross-border payment, while America Express confirmed their using of xCurrent during the Money 20/20 event in Amsterdam a couple of months ago.

With the new partnership, however, American Express’ business customers will be able to pay on FX International Payments (FXIP) as RippleNet will make instant traceable cross-border payments to UK Santander bank accounts.

Quoting American Express’ Executive VP and CIO, Marc Gordon, “This collaboration with Ripple and Santander represents the next step forward on our blockchain journey, evolving the way we move money around the world.”

Brad Garlinghouse from Ripple also expressed his optimism with the collaboration, by saying, “We’re taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments. Transfers that used to take days will be completed in real-time, allowing money to move as fast as business today.”

Speaking on their technology, Marcus Treacher, Ripple’s Global Head of Strategic Accounts said, “The technology we have developed, it separated a connection from the cryptocurrency or the token. So what that means is that a bank or non-bank like AMEX can use Ripple to connect and just exchange value from one fiat currency to another directly, without the need for any intermediate blockchain currency.”

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